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- Delay the milestone: debts of CIS companies to Russian companies approached 1 trillion
Delay the milestone: debts of CIS companies to Russian companies approached 1 trillion
Russian business is facing an increase in debt from companies from the CIS. So, in June 2026, the volume of obligations amounted to 967 billion rubles, which is 40% more than a year earlier, according to Rosstat data. Enterprises from Kazakhstan, Belarus and Uzbekistan have debts mostly. Russian businesses have been waiting longer for payment for supplies due to difficulties with calculations. And in the face of competition with Chinese and Turkish suppliers, buyers also have to give delays. All this increases the burden on Russian enterprises and reduces investment activity in the country. How difficult it is for domestic companies to provide such loans to partners from the CIS at the expense of their own working capital is described in the "Izvestia" material.
Debt owed by companies from friendly countries
Businesses from the Russian Federation are increasing trade with partners from friendly countries. ""At the same time, the debt of organizations from the CIS countries to Russian ones under direct contracts reached a record 967 billion rubles in June," follows from the most recent report "Socio-economic Situation of Russia", which is published monthly by Rosstat (Izvestia analyzed it). Over the past year, the indicator has grown by more than 40%. Overdue debt reaches 4.5% of this amount — just over 43 billion.
Among the key debtors are enterprises from Kazakhstan (401.3 billion), Belarus (327.3 billion) and Uzbekistan (81.7 billion). Armenian companies accounted for 65 billion, and Kyrgyz companies accounted for 52.3 billion.
Among the organizations that have debts, there are also businesses from unfriendly countries, such as Ukraine (3.5 billion). ""We are talking about old contracts, the recovery of which is blocked,"" says Alexey Khizhnyak, GR Director of the Mikhailov and Partners Group of companies, member of the expert council of the New Formation SME. He explained: Debt cancellation requires documentary grounds, so they remain on companies' balance sheets for years without reflecting trading activities.
At the same time, Russian organizations also have debts to businesses from the CIS. According to Rosstat, the indicator also increased over the year, but significantly less — by a quarter. In addition, the total amount of such debts is twice as low — about 506 billion. "Izvestia" asked the statistical office.
Why are CIS companies' debts to Russian companies growing?
Russia is now expanding trade with partner countries, redirecting exports from Europe and other Western countries to the Global South and neighboring countries, explained Natalia Milchakova, a leading analyst at Freedom Global. For example, the trade turnover between Russia and Belarus increased by 12.5% in the first half of the year (to about $28.5 billion), with Uzbekistan — by 15.7% (to $7 billion), with Kazakhstan — by 7% (to $13.2 billion). Our countries mainly trade in the fuel and energy complex (fuel and energy complex), food industry, fertilizers, as well as ferrous and non-ferrous metallurgy, explained Oleg Abelev, head of the analytical department of the investment company "Rikom-Trust".
""After the tightening of sanctions by the United States, banks in the CIS countries introduced additional checks, which makes transactions take longer," said Alexey Begaev, founder of the Insek group of companies and a member of the General Council of Delovaya Rossiya." Due to restrictions on direct transactions between companies, the number of payment routes has increased, so goods may remain unpaid for several months, he added.
Another factor is competition with China and Turkey, Oleg Abelev noted. Russian suppliers are under pressure from companies from these countries: they offer products cheaper and on more flexible terms. Turkish manufacturers are also actively using logistics routes through the Caspian Sea and the Caucasus. In order to maintain its position, Russian businesses have to provide longer payment deferrals, otherwise buyers may leave for competitors, the expert explained.
If our companies cannot provide convenient payments, buyers in the CIS will look for alternative suppliers. In the long term, this could lead to a gradual loss of Russian positions in the most competitive segments, Oleg Abelev said.
At the same time, the currency revaluation does not explain the record debt growth, but, on the contrary, masks it, Alexey Khizhnyak emphasized. The average dollar value, according to the Central Bank, was 78.72 rubles in June 2025, and 73.54 rubles in June 2026. Over the year, the ruble has strengthened by about 6.5%, so in currency terms, debt growth is no longer 40%, but closer to 50%. That is, it is impossible to write off the record increase as a change in the ruble exchange rate, the expert explained.
How useful are the CIS partners to Russia
So far, the increased obligations to our business do not create critical risks, said Artur Leer, President of the Association of Exporters and Importers. This is due, among other things, to the fact that the partner countries are experiencing domestic economic growth, which will allow them to pay off their debts in the future.
Nevertheless, it is already difficult for Russian enterprises — on September 11, the Bank of Russia maintained the rate of 14% per annum. This is still a high level for companies: a compromise option for business is 10-12%, "Sergey Katyrin, President of the Chamber of Commerce and Industry, told "Izvestia" in an interview at the WEF.
In addition, starting in 2026, the tax burden for companies has changed — the base VAT has been increased to 22%. The income threshold for exemption from payment for small businesses on "simplified payment" has also been lowered. As a result, the number of fee payers has increased. In such circumstances, the actual lending of organizations from abroad becomes a heavy burden for Russian enterprises, experts noted. Because of this, business activity in the country is declining - in the first half of 2026, investments in fixed assets fell by 9.9%.
However, the increase in debt still indicates that trade with the CIS is active, and it is important for the Russian economy. The loss of even one major buyer — for example, in Kazakhstan or Uzbekistan — can be critical, Oleg Abelev said.
"At the same time, the key task for Russian business is not just to maintain export volumes, but to create settlement and financing conditions in which working with clients from the CIS remains profitable," said Vasily Kutyin, Director of Analytics at Ingo Bank.
Nevertheless, the risk of problem debt remains now, especially if the buying companies have difficulties with financing or currency settlements, the expert continued. Therefore, Russian exporters have to carefully assess the solvency of counterparties and set limits on deferral.
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